eBook | Foreign Asset Reporting: Navigating the Choppy Financial Seas.

Don’t Gamble With Gift Tax Returns

Beginning in 2011, the IRS started cracking down on taxpayers who did not file gift tax returns after making gifts that required reporting. Working with state or county agencies, the IRS started using real estate property records to spot land transfers between family members for no or little consideration, according to an October 2011 Forbes […]

The Gift Tax in a Nutshell

Unwrapping the Gift Tax a.     How the Federal Gift and Estate Tax Work Together The federal gift tax is part of what’s called the “unified” federal gift and estate tax.  Gift tax applies to lifetime gifts; estate tax applies to assets left at death.  The idea is that whether you give assets away while you’re […]

New Jersey Estate Tax — The Uninvited Guest

New Jersey collects both an inheritance tax and its own estate tax, separate from the federal estate tax.  Under current law, the estate of every New Jersey resident decedent dying after December 31, 2001 shall be taxed as if the death occurred under the federal laws in effect on December 31, 2001.  Because the applicable […]

OVDI: Is the IRS Playing Fair?

A Message From Uncle Sam to Taxpayers Who Have Undisclosed Foreign Bank Accounts: The Clock Is Ticking Since 2009, the IRS has offered taxpayers with undisclosed foreign financial accounts the opportunity to “come clean” under its Offshore Voluntary Disclosure Initiative (OVDI).  According to the IRS, more than 38,000 U.S. taxpayers have entered the program.  They […]

UNDERSTANDING THE SOURCE OF INTEREST RULE WITHOUT SUFFERING A MIGRAINE

As a general rule, interest paid by individuals, partnerships, and trusts takes its source from their place of residence.  A natural corollary to this rule is that interest paid by individuals, partnerships, and trusts that are “residents” of the United States has U.S. source. This source rule has consequences that both borrowers and lenders will […]

Kat Jennings, CEO TaxConnections

Michael DeBlis is an extraordinary Tax Attorney who brings the knowledge, experience and passion required to protect his clients. It is rare to find a Tax Attorney who has these skills inside and outside the courtroom. Kat Jennings, CEO TaxConnections

IS THAT WORKER AN EMPLOYEE? QUESTIONS AND ANSWERS ON WORKER CLASSIFICATION

If you own or manage a business that uses independent contractors, you need to know when you can or cannot treat a worker as an independent contractor.  This article answers some of the common questions about worker classification. INTRODUCTION Misclassification of employees as independent contractors is now a common phrase uttered by state and federal […]

A Rendez-vous With The Federal Sentencing Guidelines

a.      Overview of the Federal Sentencing Guidelines Sentencing issues are arguably the most important part of a federal criminal case.  When clients learn they are under criminal investigation, the first questions are often: “Can I go to jail for this?”  “If so, how long will I have to spend in jail?”  It is for this […]

LIFTING THE VEIL ON THE BLACK MARKET PESO EXCHANGE — PART II: THE MECHANICS

The BMPE consists of two interrelated activities.  One occurs in Colombia: the purchase of accumulated drug dollars in America.  And the other occurs in the United States: the actual delivery of drug dollars to the money exchanger’s associate in the United States. 1.      Purchase of Dollars in Colombia The BMPE process begins when the cartel […]